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What happens to Capital repayment if you don't have card charges for a day or a week ?

What happens if you dont have card charges for a day or a week ?

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Square

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That's ok! One of the great things about Square Capital is that your are only paying a percentage of your daily credit card sales, so if you aren't processing card for a day, or a week, you simply just won't be paying off your Capital during that time. You'll pay more when business is strong, and less if things slow down. On days when you don’t make any sales, you don’t make any automatic payments.

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Square

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That's ok! One of the great things about Square Capital is that your are only paying a percentage of your daily credit card sales, so if you aren't processing card for a day, or a week, you simply just won't be paying off your Capital during that time. You'll pay more when business is strong, and less if things slow down. On days when you don’t make any sales, you don’t make any automatic payments.

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There may be an update to the terms now. Older loans won't be affected but moving forward there do appear to be more specific terms such as mandatory payments in any 60 day period and repercussions for not having paid the loan off in a reasonable amount of time. With this however is also the new ability to prepay the loan if you find yourself in a position to do so, rather than waiting for it to be paid slowly over time. Check the new terms!! 

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I took a break from work for two months so haven't paid minimum on loan...how do I make a payment from my bank account and not from sales

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Square

Hi @Rosiegowns,

 

 

If you would like to make a payment online, you are able to do so through your dashboard. 

 

To make a payment for your Square Capital balance:


# Visit "Square Capital":https://squareup.com/dashboard/capital in your online Square Dashboard.
# Click ​*Actions*​ > ​*Make a Payment*​.
# Select whether you'd like to make a partial payment or submit the full outstanding amount.
# Click ​*Prepay*​ > ​*Confirm*​.

 

Hope this helps! 

 

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thanks so much

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Using Square Capital, since you pay a daily percentage of your sales what happens when you're closed that day ?

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Admin

Great question @BaristaLife!

 

The very short answer is if you're closed for a day you won't make any Capital payments! I've moved your post here so you can read Kelly's (slightly longer) answer above. ☝️

 

If you want to read more about how Capital works check out this post all about Square Capital.

 

Let me know if you have any other questions, and welcome to the Seller Community! 

 

️ Helen
Seller Community Manager

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